Funding rates stayed positive the whole time.
Longs are in control and traders are still paying to stay exposed no panic, no forced unwinds.
Zooming out $AAVE is closing in on $1T in cumulative loans.
That’s not fresh capital it’s liquidity being reused at scale through flash loans, arbitrage, and liquidations.
Price can be down 10%, but behavior says something else.
On-chain credit demand is still very much alive.
